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Issuing Par Stock On January 29, Quality Marble Inc., a marble contractor, issued 75,000 shares...

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Issuing Par Stock On January 29, Quality Marble Inc., a marble contractor, issued 75,000 shares of $10 par Common stock for cash at $23 per share, and on May 31, it issued 100,000 shares of $4 par Preferred stock for cash at $6 per share a. Illustrate the effects on the accounts and financial statements of the January 29 transaction. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets Liabilities+ Stockholders' Equity Stateme nt of Cash Flows Paid-in capital iu. Common exsess.af Cash No effect stock par common stock $1,150,000$1.175.000 2,325,000 $1,175,000 Jan. 29 Statement of Cash Income Statement Flows Financin $2,325,000 No effect

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